Advanced Microeconomic Theory (Spring 2015)

You can find this document at http://www.kimoon.ac.kr/gmi/gmi-151-s.html.

  • How to find the site for this course:
    Homepage of Kimoon Cheong (http://www.kimoon.co.kr => LECTURE HALL => Spring 2015 => Advanced Microeconomic Theory

Introduction

  • The course considers optimization (maximizing and minimizing stuff like profit, cost and utility), and constrained optimization (e.g., maximizing utility subject to the budget constraint) and integration (consumer surplus). Applications include problems in consumer and producer theory, general equilibrium, welfare economics, growth and discounting, oligopoly behavior, and game theory.
  • Economic theory and critical thinking will be stressed. After completing the course, you will be better able to critically evaluate economic theories.
  • To do well in this course, you will need to understand and use mathematical tools. In this sense, an understanding of some mathematics is necessary for you to do well in the course. You will also need to understand and use economic theory, and, most importantly, you will need to be able to integrate the economic theory and the math to solve economic problems. You can only achieve this integration of mathematics and economics by solving economic problems.

Textbook:

Instructor:

Evaluatiom:

  • Class Participation/Homeworks: 60%
  • Final Exam: 40%

Weekly Schedule

    • What Is Economics? 1.1 - 1.3 / 1.4 - 1.8
    • The Nature and Scope of Economics Jack Hirshleifer, et al, Price Theory and Applications, 7th ed., Cambridge Univ. Press, 2005, Ch 1
    • 1.1 - 1.4 / 1.5
    • Ch 1. Comparative Statics and the Paradigm of Economics
    • 3.1 - 3.4 / 3.5 - 3.6
    • Ch 3. Functions of Several Variables
    • 4.1 - 4.2 / 4.4 - 4.6
    • Ch 4. Profit Maximization
    • 5.1 - 5.3
    • Ch 5. Matrices and Determinants
    • 6.1 - 6.3 / 6.5 - 6.6
    • Ch 6. Comparative Statics: The Traditional Methodology
    • 7.1 - 7.3 / 7.4
    • Ch 7. The Envelope Theorem and Duality
    • 8.1 - 8.6
    • Ch 8. The Derivation of Cost Functions - 1
    • 8.7 - 8.11
    • Ch 8. The Derivation of Cost Functions - 2
    • 10.1 - 10.4
    • Ch 10. The Derivation of Consumer Demand Functions - 1
    • 10.5 - 10.7
    • Ch 10. The Derivation of Consumer Demand Functions - 2
    • Behavioral Economics (1.1 - 1.2 / 1.3)
    • Nature of Behavioral Econ, Wilkinson, An Intro to Behavioral Econ, Ch 1, Palgrave Macmillan, 2008.
  1. Final Exam

Reading Materials